Has the pandemic hurt you so bad that it also hurt your finances and income? Has it adversely affected you and your family? I think the answer is yes since almost a hundred percent if not all of the population suffered from the pandemic.
Most people lost their jobs, and many got infected and eventually died. Everybody is aware that the economy has fluctuated. Businesses have failed. And everyone has been financially drained since the pandemic has started. Consequently, people are grappling to find ways to earn money for their survival. Thus, it is justifiable for this misfortune’s victims to obtain loans just to get by.
One type of loan is personal loans. These are just your ordinary loans. But you can usually have them without collateral. Further, you may receive them from a private lender, bank, or credit union for whatever purpose you may deem best. Therefore, discussed below are five easy ways to obtain a personal loan during the pandemic.
1. Borrow a Smaller Personal Loan Amount
Since everyone is greatly affected by the pandemic, most people would find it difficult to let go of their savings, income, or finances. Of course, they will allocate their remaining funds to their personal needs. However, there are still people who are always so generous to lend their money to those who need it badly. But the question is, how much and when is it due?
Thus, your prospective lender’s approval depends on the amount of personal loan you want to take out. If it is too large, do not expect that your lender will grant your request. Remember, everyone has suffered enough. Thus, borrow a loan amount. That way, your lender’s apprehensions and worries of non-payment by you will be lessened. Your private lender will be comfortable lending you the sum of money you are asking.
Also, when the aggregate amount of money loaned is not that large, your creditor will be flexible on the deadline or due date of the payment. This set-up is advantageous to you since there will be less pressure to return the same quantity of money you borrowed.
2. Become a Co-owner of Another’s Credit Card
You may opt to be a co-owner of another’s credit card or another individual’s authorized user of his credit card if you wish to obtain a loan with no trouble or hassle at all. This is another quick way of getting a loan during the pandemic since you will not worry about not being eligible for an unsecured credit card. Worse, you won’t be given or extended a credit card if you have a low credit score.
So, to receive a loan from a lender without the need to post any security or prove your good credit standing, you may become a co-owner of another credit card. You only need to arrange the would-be situation with your co-owner to entrust you with his credit card. Being a co-owner or authorized owner of the said credit card will allow you to purchase all the things you need for survival during the pandemic.
Just make sure to be mindful and responsible about this shared ownership credit card to avoid any damaging and injurious consequences. This is delicate as both your actions necessarily affect each other.
3. Apply for a Personal Loan with No Credit Check
One of the most uncomplicated and fastest ways of getting a loan during the pandemic is to apply for a personal loan with no credit check. In the ordinary course of credit business, your lender will look at your credit score and report to assess your ability to pay your debts. And if you have an unimpressive credit score, you will not likely be given a chance to attain a loan. Thus, it’s unfortunate that your suffering during the pandemic will not cease.
Therefore, this no credit check loan does not require assessing your credit score. Instead, your chance to get approved for a loan is based on your savings, income, and other assets. This is easier and more beneficial to you.
4. Obtain a Pawn Loan
Obtaining a pawn loan is one fast way of getting cash during the pandemic. And that’s what loans are all about- getting money from another. A pawn loan may be considered as a personal loan since it is not like your traditional loan. It does not require a credit check. It only needs any collateral you can offer. And by collateral I mean, any valuable item. And upon surrendering your item, you’ll get your cash on the same day based on the value of your thing.
5. Procure a Loan from Family or Friends
This is the most common of all ways to obtain a loan, especially during a pandemic. This is based on your promise or guarantee to pay your family or friends back. This may or may not involve any collateral at all. But one thing is for sure; this does not also require any credit score or check. Hence, it’s easier and faster.
It is undeniable that the pandemic has taken a toll on us, especially on our finances. However, we can rise above this and continue surviving. Worry not because there’s help. Rescue is coming. Just take note of these five easy ways to obtain a loan during these trying times, and you will surely get by.